The owner of crypto exchange Kraken has agreed to pay $600 million for Reap Technologies, a stablecoin-oriented provider of cross-border and business payments services.

Kraken parent Payward Inc. is paying cash and stock for the Hong Kong-based company, according to Arjun Sethi, co-chief executive officer of Payward and Kraken. Payward is issuing stock at a valuation of $20 billion, he said.